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When businesses require legal counsel on complex tax issues or need representation in a tax dispute involving the IRS, the fees paid are generally deductible as a business expense. Tax planning ...
Expenses from the use of a company or business vehicle, such as tolls, maintenance fees, licenses, and insurance, are usually 100% deductible; however, it's vital to keep detailed records of how ...
Estate planning can be difficult because there are so many tax rules that could cost you a lot of money long-term if you don't know what to deduct. This article will discuss reducing estate ...
Because business expenses are fully deductible under section 162, taxpayers try to argue that expenses were not start up expenses. The Second Circuit Court of Appeals found that the Tax Court should look at if employment of the taxpayer is in the same trade or business to determine if it is a start-up expense, or a carrying on expense. [ 11 ]
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;
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